Wealth Management For High Income & High Net Worth

The definition of wealth management includes a focus on those who are wealthy and affluent1. Do you need high income wealth management strategies? How does wealth management for wealthy, high income or high net worth individuals differ from other

financial planning approaches?

Financial Planning For High Income & High Net Worth: Wealth Management Strategies

As your financial picture grows and evolves, you will want to add in other areas of financial planning and management. Most people start early on with simple investment strategies, such as investing in their retirement accounts like a Roth IRA, Traditional IRA, 401k, 403b, or other types of accounts. The next step for a high income wealth management plan may include purchasing a home, investing in land, opening a non-retirement brokerage account, investing in cryptocurrency, or other options.

No matter the makeup of your assets, you will no doubt start to feel the pressure of additional taxes, fees, and pitfalls in passing those assets down to your heirs. This is where wealth management strategies become critical.Taking a more holistic, and complete, view of your financial assets and future goals will really help set the stage for a solid foundation.

Developing a wealth management plan

Now is the time to make a plan if you have not already. If you are fortunate to have a high income or overall high net worth, you’ll benefit from planning now on how to invest those assets and maximize your returns, minimize any obligations or costs, and create a lasting foundation for your family. Adding in life insurance and other insurance in your risk management plan is an area of high income wealth management some people overlook, but can be important to not only protect your assets, but provide your family peace of mind in the event something happens.

Planning your estate and determining how to distribute your assets is another key piece of the financial planning puzzle. However you choose to leave your assets, a wealth planning team will walk you through the decisions to make, options, and considerations to know so you can build your dream and see it realized.

Why you need a fiduciary in your wealth management plan

Simply put – for peace of mind.

Wouldn’t it be nice to know that your advisor is always acting in your best interest? At The Retirement Planning Group our entire team takes on a full-time fiduciary role. There are no investment commissions, no backdoor soft-dollar investment arrangements – just honest, transparent advice. No matter if you are high income, high net worth or just starting out.

If you aren’t working with a full-time Fiduciary, it’s time to make the switch and see the difference.

Start today building your future with your high income wealth management plan for your income or assets. Contact us today to determine if you could benefit from a wealth management strategy. Our team of fiduciary wealth planners would love to discuss your goals and see if there is a fit. Get started today, schedule your free appointment!

1 — Investopedia